Among all the hardships we have as people, including financial hardships, a little virus entered our shores and within days our lives were made worse in unimaginable quantum of ways – LOCKDOWN!
The consequences of the lockdown were brought to bear and exposed many inequalities in our society; lives are affected, incomes lost, and livelihoods put into despair. Faced with all these difficulties how does one plan or at the least remain sane and provide for his/her family?
How does one live without an employee number or even survive with a dying business?
Almost two years ago I left formal employment. It all happened so suddenly. I had not planned for it. All I knew was that it was my time to go face it off in the abyss.
How does one survive without an income? Years of employment helped, I had savings as well as a provident fund which I had to partially part with for my short-term survival. It was therefore not a complete shock to the system to live with little, but I had to make some quick adjustments to my familiar and comfortable way of life and many a time my silent conversations with God pulled me through.
So, you have lost your job, or about to lose your job or you are about to call it quits…whatever the case may be. What should you do?
It may be too late by this time to think about what you should have done. So, when things are still good and prosperous make sure you have a side gig to fall back on when misfortune arrives. This is something I wish I had done, but I was stuck in the comfort zone of the “magnificence” of a job which was not my God-given right.
If you have been dealt a bad hand and counted among those in the “less fortunate queue” of unemployed and unemployable; take charge of your life.
Here’s what I did-
I used my savings - this is the purpose of an emergency fund; this was an emergency. I withdrew what I needed from my savings and provident fund to survive with for at least 3-6 months.
Do not withdraw all your money – it is tempting I know.
I re-invested the balance in long-term investment vehicles that are difficult to withdraw from. Find a reputable financial advisor for assistance.
While at it I explored other opportunities, granted, not everyone can be in business, but doing what you love and passionate about can be a business in itself. There are thousands and thousands of resources of ideas out there, make an effort to find out. Starting a business requires money. I am not naïve to the plight of many, but at this point, putting money into something with returns rather than feeding a consumerism ego is a good future-focused option – Just Start!!
Let me share some of the learnings and solutions I have had to employ in all the months with no income and/or reduced income.
1. First step is acceptance. Accept that your situation has changed and be open about it. This will take pressure off you.
2. Do not panic, stay calm. It allows for a good environment of processing of thoughts and ideas.
3. Engage your thought at a deep level. Have a conversation with yourself, an honest one and decide which things are important and worth saving… think assets. Where needs be, solicit some thoughts from a trusted confidant or professional.
4. Let go of assets/liabilities you don’t need so you can increase your cash at hand.
5. Make arrangement with your bank or request a review of your repayment schedule. They are not always understanding but when they do keep your promise.
6. Don’t spend money you don’t have on things you don’t need.
7. Do not succumb to peer pressure… just do you!
8. Find something you are good at and love, it must be practical, nurture it and try and make a living off it. There is always a hidden talent you don’t know you have, find it.
9. Work hard
10. Keep your family, your friends and all your loved ones close, they are your source of strength. Ask for help, and often you will see it is not monetary, but just their availability.
There is hope, there is still life to be lived within Covid-19 and beyond. Do not despair.
Try not to die of worry!!
Tiyani Rikhotso is a father and founder of SOUL Health and Wellness; a boutique outlet that produces health and beauty products.
Follow him on FB @soulcbd
Contact them at info@soulhealth.co.za
An inspirational message indeed. Thank you Tiyani Rikhotso